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Notes on video lecture:
The Panic of 1907
Notes taken by Edward Tanguay on September 3, 2017 (go to class or lectures)


Choose from these words to fill the blanks below:
1907, trust, gold, one, lender, commodity, stop, copper, Reserve, magnates, 1914, prevent, cascade, interdependence, Victorian, rapid, prescient, recessions, macroeconomics, society, Morgan, dollar, unstable, support, European, Keynes, intervened, failures
the late 19th century saw increasing troubles in the core nations, and in the United States
the economy of the boom began to falter
1873-1896 global and near-global
had the capacity to skip from society to
the weaknesses of the model of began to show
interdependence affected the ability of governments to the problems from spreading
this was not new but became more at the end of the 19th century
John Maynard (1883-1946)
British economist whose ideas fundamentally changed the theory and practice of and the economic policies of governments
August , wrote essay in Economic Journal
worried about the world's ability to survive a major crisis, a article
the world economy faced two kinds of problems:
1. the standard that had served as a ballast for the system, restricted the ability of governments to deal with currency pressures, was very rigid
2. private banks were so large in proportion to the amount of money in circulation, that a run on any bank could into a full-blown financial crisis
if bank failed, it could bring down the entire system
The Panic of
a United States financial crisis that took place over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year
panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and companies
began with a few bond
collapse in prices
started with the price of that was being traded internationally
the United Copper Company tried to corner the copper market
the loans that the banks issued to the company failed
then the banks became
led to a run on stocks
pressure on the American
led to the failure of the Knickerbocker Trust Company—New York City's third-largest trust
there was no central authority to intervene to put an end to the panic
it fell to the of Wall Street to solve it
J. P. (1837–1913)
the panic might have deepened if he hadn't
pledged large sums of his own money, and convinced other New York bankers to do the same, to shore up the banking system
put together a major infusion of liquidity, became a " of last resort"
pumped in 23 million dollars in the New York stock exchange
bought up New York City bonds
led to a series of discussions on ways to these kinds of financial panic situations in the future
1913 the approval of the Federal Act
considered if free markets needed to prevent them from ruining their own fortunes
Spelling Corrections:
presient ⇒ prescient